This project will be completed in tas ports. All answers should be submited in the Excel template also attached to this module Part 1 will contain a chart of accounts with opening account balances, st of business transactions, joumaling all transactions into the general journal, and updating each account balance. Upon submission, your instructor will indicate which journal entres andior T-Acct entries are inconect Part 2 will have you correct any mistakes and then complete the project. The remaining parts of the project will include preparing an adjusted tral balance, income statement, statement of retained eamings, balance sheet, closing entries, and post-closing trial balance Dec. 1-Collected $506 from Franklin from a previous engagement in Oct Dec. 2-Paid $1.685 on Gusto's Inc. invoice from a previously recorded action with check #1301. Dec 3-Paid December rent of $2.290 with check #1300 Dec 4-Completed additional work for Washington sent invoice 77 for $1.5621 month Dec. 5-Paid employee from work previously expensed in Nox with payment due Dec using check #1303 Dec. 8-Purchased land on a mote for $37854 to be used for future construction of new office building Land and Notes payable will have account numbers of 150 and 240 Dec -Paid $1.472 to cover at utities for the month of Dec using check #1304 Dec 10 Completed $530 worth of work for a repeat customer who pays cash induly upon completion Dec 11 Collected 5882 from Washington brom a previous engagement in flow Dec 12-Our employed two weeks of pay amounting to $1,000, to the Dec. 23 "employee took vacation from Dec. 15-Dec. 31 No pay will accre Dec. 15-Leah Tyler, the owner, withdrew $3.333 for personal use using check #1305 Sent invoice #75Pue Dec. 16-Completed a large job for Frankles for $11.285 Jan 31 Dec. 22-Franklin paid $2.675 to pay off some of his balance due Dec. 23-Paid our employee for the work expensed Dec 12 Dec 24 Dec 31-Owner took off the rest of the year Adjustments 1. The equipment was used for the third year 2 Prepaid insurance was adjusted for Oct-Dec usage. 3. Unearned revenue was updated to show 3 months of work completed 4 A final count of supplies showed $325 remaining Part 1 instructions L Open the Excel attachment named "Student-pa 2 Transfer the opening trial balance amounts to the T-Acc . Journal and post to the T-Accts the December and adjusting transactions 4 Total each T-Acct and provide the equation total at the top in the highlighted cells Check Figures-The cash T-Acct final balance should be $18.202 Part 2 instructions Using the feedback provided from your instructor in the gradebook, update any inconvect 2 Prepare the Adjusted balance 3 Prepare the income statement, Statement of owner's equity, and the balance sheet